The house has been valued at £120k, we’ve had an offer at £80k and it does need work doing to it and modernising. If we accept would it be seen as deprivation of assets. We just want a quick sale and less hassle and stress to deal with. Can anyone advise? Thanks
We need to sell our grandparents house for care costs….
- Thread starter Antto
- Start date
It’s just the hassle or arranging that also. Seems easier and quicker to sell through an agent. I know it’s quite a bit below but it’s a cash offer so I figured the sale would be quick. I’ve got so much on myself, my health isn’t great, I’m visiting my grandmother plus having to look for a care home etc and my brothers and sisters aren’t helping so it’s all onto me.
If you have a lasting power of attorney (LPoA) then selling so far below a market valuation, are you acting in their best interests or your own convenience.
Sorry and I apologise for sounding so harsh, however, better I ask the question on here than you having to defend your decision to others.
Put a house on the market and you will get a cheeky early offer, I turned on down yesterday on my house.
They've offered you 2 thirds of the asking price, I was offered 95 percent and I said no, early low offer prices by a potential buyer, factor in the costs like legal expenses and you might walk away with half the real value. As I say if you are an attorney could you justify the reasons you did this.
Sorry and I'm not as miserable and grumpy as I sound but other potential inheritors could question the decision you made taking two thirds of the market valuation. K
Sorry and I apologise for sounding so harsh, however, better I ask the question on here than you having to defend your decision to others.
Put a house on the market and you will get a cheeky early offer, I turned on down yesterday on my house.
They've offered you 2 thirds of the asking price, I was offered 95 percent and I said no, early low offer prices by a potential buyer, factor in the costs like legal expenses and you might walk away with half the real value. As I say if you are an attorney could you justify the reasons you did this.
Sorry and I'm not as miserable and grumpy as I sound but other potential inheritors could question the decision you made taking two thirds of the market valuation. K
I sold my last house through auction as we had 2 buyers drop out and we were going to lose the property we wanted to purchase.
It was really easy to arrange and sold before the auction date. We ended up getting a higher price as there were 2 buyers interested. Once the offer has been accepted both parties are unable to drop out and must complete the sale within 28 days.
It was very straightforward and I would sell at auction again.
It was really easy to arrange and sold before the auction date. We ended up getting a higher price as there were 2 buyers interested. Once the offer has been accepted both parties are unable to drop out and must complete the sale within 28 days.
It was very straightforward and I would sell at auction again.
Hello @Antto and welcome. Assuming that you have financial Lasting Power of Attorney (LPA), you do have to ensure that you are acting in your grandmother's best interests in terms of the sale. You don't provide much information, but it's usual to get at least 2/3 valuation quotes, and these should take into account the fact that the property needs work doing to it and modernising. Selling for cash via an agent might seem like a good idea but it would mean that there is a lot less money available to pay for your grandmother's care. When we sold mum's house I thought it would involve a lot of work but the estate agent and solicitor did most of the hard work, it wasn't too much of a hassle. The first offer was from a property developer for £50k less than the asking price, the second offer a couple of weeks later was for the full asking price. Perhaps have a chat with an estate agent or auctioner to see what your best options are in respect of getting the best return for your grandmother?
Had a quick read around and auctioneers (UK) fees seem to be between 2 and 5 percent plus vat.
Not something I've ever thought about or done but going down the the usual route via an estate agent who also take a percentage commission too, well, makes me think.
As said 2 thirds of valuation price and I suggest you get 3 valuations is a bit of a...well urine extract shall we say so as not to offend. K
Not something I've ever thought about or done but going down the the usual route via an estate agent who also take a percentage commission too, well, makes me think.
As said 2 thirds of valuation price and I suggest you get 3 valuations is a bit of a...well urine extract shall we say so as not to offend. K
It’s just the hassle or arranging that also. Seems easier and quicker to sell through an agent. I know it’s quite a bit below but it’s a cash offer so I figured the sale would be quick. I’ve got so much on myself, my health isn’t great, I’m visiting my grandmother plus having to look for a care home etc and my brothers and sisters aren’t helping so it’s all onto me. I just want
we've had 2 valuations. Both agreed on the same price.
My husband sold his dad's house to a cash buyer for a quick sale at under market value. Took 9 months to go through and he was messed around a lot. I'm not saying you'll have the same nightmare but as others advise I think auction is your friend here for both convenience and transparency.
Yes I am the LPA and other inheritors are no where to be seen for help and support and haven’t visited my Grandmother since I can remember. I told them that she was in hospital and they didn’t care, they just said ok I’m going out now so don’t ring back tonight I’m busy!! And they’ve put pressure on me and harassing me to hurry up and sell the house as they aren’t paying for her care. To be honest it’s really affecting me and causing me so much stress. All I want is what’s best for my Grandmother and to focus on finding her a nice care home and having the time to visit. That is purely why I would consider a lower offer, to get family off my back and so that I can concentrate on my Grandmother and less stress for me. I never thought my family could be so cruel.
Auction value is the value on the day, as I said not something I'd every thought about before but given the charges compared to an estate agent fees not bad and the transparency of the transaction, anyone can bid on the day.
No secret I'm looking to move and the more I look into it the more attractive auction sellings sounds, that's as a seller if marketed pre sale properly you might be surprised. Not something I have done but something I am now looking into.
Different for me as it's my home, so the issue for me is having a back up plan, furniture in storage and go live on my boat, might happen yet.
Back to the point, selling at two thirds of 2 valuations isn't great, sorry.
That said if you do go down the auction route, please do come and tell, seriously I'm now thinking as the best option, gets it over and done with and you achieved the highest offer on the day, no one can say you took the easy way out. K
No secret I'm looking to move and the more I look into it the more attractive auction sellings sounds, that's as a seller if marketed pre sale properly you might be surprised. Not something I have done but something I am now looking into.
Different for me as it's my home, so the issue for me is having a back up plan, furniture in storage and go live on my boat, might happen yet.
Back to the point, selling at two thirds of 2 valuations isn't great, sorry.
That said if you do go down the auction route, please do come and tell, seriously I'm now thinking as the best option, gets it over and done with and you achieved the highest offer on the day, no one can say you took the easy way out. K
I know. I wouldn’t want that. I think I’m just having a bad few days and stresses and frustrations with my family are getting to me. I’ll look into auctions or look at getting another valuation. I guess I just thought they’d be more offers by now.
To be honest, I think I’d find it a lot less stressful if I did as I’m anxious on how long it’ll take to release finances for care costs and if it was my property then I’d I would only have to think about my feelings and thoughts. I guess I always thought I’d have my family’s support.
no, it’s fine I totally understand. I think I’m just having a bad few days and letting things get on top of me. I’m just so stressed with the pressure and lack of support from family and never thought I’d be dealing with all this alone.
Thank you. When I agreed to being LPA most of the family were close and I thought I’d have their support through it all. Since then things have changed and she’s declined so fast and I never really gave this day much thought. Now it appears to all be on me. The last thing I ever want is anyone to question me down the line as all I care about is my Grandmother. Everyone else is thinking about themselves and any inheritance they think they may get, and all I’m thinking about is her and releasing the cash to get her into a decent home. I’m not in great health myself, I’m the only one that visits her, so the only one that sees her decline and gets that upset and then I’m coming home to demands to hurry up and get the property sold so they don’t have to pay for her care. It’s just all so wrong.
